Sellbyville, DE -- (SBWIRE) -- 12/07/2018 -- Pet Cancer Therapeutics Market size to exceed USD 300 million by 2024, as per a new research report by Global Market Insights, Inc.

Growing pet adoption rate coupled with increasing disposable income of pet owners will drive pet cancer therapeutics market growth. Strong and robust drug pipeline for treatment of pet cancer will stimulate business growth over the forecast years.

High cost of pet cancer drugs along with rising instances of adverse drug events should hamper industry growth over the forecast years. Lack of awareness regarding pet diseases among the pet owners will impede industry expansion.

Chemotherapy has been the mainstream medication for pet cancers till recent times. However, immunological vaccines entered the market and are gaining significant market share. With number of chemotherapy drugs in pipeline, the industry should witness considerable growth over the coming years.

Dogs are more prone to develop cancer than cats and the healthy pipeline will drive segment growth over the forecast years. However, introduction of specialized cat cancer medicines will stimulate the cat cancer therapeutics market growth.

Pet healthcare companies are focusing on development of drugs for mast cell cancer and melanoma among other cancer types. This trend will witness change as medicines to treat lymphoma and mammary cell cancer are in the pipeline. Innovative medicines for treatment of multiple cancer tumors is anticipated to accelerate business growth.

U.S. pet cancer therapeutics market holds the largest revenue share in 2016. Presence of large number of pet drug manufacturing companies, quick adoption of innovative pet care medicines and increasing disposable income of pet owners will boost industry growth.